Facts and Figures

Mutual and cooperative insurance is provided by societies that are formed and governed and, in most cases, owned by their members for their members. It follows the principles of solidarity and sustainability.

The business model of mutual and cooperative insurance focuses on using surpluses exclusively for the benefit of policyholder-members and of society. It is the original form of insurance and remains a more natural choice than today’s widespread shareholder-driven model.

The mutual and cooperative insurance sector in the EU

The mutual and cooperative insurance sector plays a significant role in the economy of the EU. Of the roughly 5,800 insurance undertakings in Europe, half are mutuals or cooperatives or their subsidiaries (2,700). Close to 400 million members-policyholders are covered by mutual and cooperative insurers and 430,000 are employed by them.

Market share in EU Member States

The EU mutual market share amounts to 32.1% and for the first time in 2014, the sector wrote close to EUR 400 billion in insurance premiums.

Traditionally, the mutual and cooperative market share in insurance is higher in non-life insurance (including health) than in life insurance. In both sectors, it has substantially increased over the past years and stands now (2014) at 38.8% in non-life insurance and 27.4% in life insurance.

Source: ICMIF-AMICE MarketInsights Europe 2014

The mutual and cooperative insurance sector in Europe

Mutual and cooperative insurance is present in practically all markets in Europe, either through mutual or cooperative insurers established there or (mainly in the countries of central and Eastern Europe) through subsidiaries of foreign mutuals.

In Europe (36 European markets), the mutual and cooperative sector provides cover for more than 409 million members-policyholders and employ just over 450,000 staff in. For the first time in 2014, the sector wrote more than EUR 400 billion in insurance premiums and reported record asset values of EUR 2.8 trillion.

European map of members/policyholders of mutual insurers (2014)

Source: ICMIF-AMICE MarketInsights Europe 2014

Mutual and cooperative insurance is present in practically all markets in Europe, either through mutual or cooperative insurers established there or (mainly in the countries of central and Eastern Europe) through subsidiaries of foreign mutuals.

In five countries of the EU, the mutual or cooperative form is not allowed for insurance undertakings, in three more, the legal possibility is there but no such insurer exists. In two more countries, their activity is restricted to only certain lines (life or non-life).

Structure of the mutual and cooperative insurance market

There are mutuals of all sizes: some smaller catering for the needs of special groups, some very large being market leaders in their field. But one thing is true: mutual and cooperative insurers are typically small or medium-sized undertakings and, vice versa, most of the small and medium-sized insurers in Europe have a mutual or cooperative structure. This is why AMICE puts a particular focus in its work on serving smaller members, through advocating strongly for adequate and proportionate regulation, through assisting SMEs with seminars and workshops to achieve business success, and through promoting diversity in the provision of insurance services.

Among AMICE’s members, the median size in terms of Gross Premium Written (GPW) is 200 million euro – the business volume of half of the association’s members is below this amount. In addition, AMICE represents additional hundreds of mostly small mutual insurers indirectly as their national and regional associations are themselves AMICE member

Publications

The joint publication by ICMIF and AMICE, Market InSights Europe 2014 – The European Market Share as held by Mutual and Cooperative Insurers (produced by ICMIF) gives an overview of the market share of mutual and cooperative insurers in Europe and in the national markets, the growth of the sector since 2007, and a list of the 30 largest mutual or cooperative insurers in Europe.

In 2011, AMICE published its own Facts and Figures – Mutual and cooperative insurance in Europe, a 200-page study, based on 2008 figures and on country-by-country analysis provided by Lieve Lowet, owner of Lowet & Co and partner of ICODA European Affairs. The Executive Summary of this study including graphs and tables can be downloaded in five languages (see the links on the right). To obtain the full study, please contact the Secretariat.